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World’s Biggest Iron Ore Exporter Predicts Lower Prices on Glut

marinesalvage by marinesalvage
March 24, 2024
in News
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World’s Biggest Iron Ore Exporter Predicts Lower Prices on Glut
World’s Biggest Iron Ore Exporter Predicts Lower Prices on Glut

World’s Biggest Iron Ore Exporter Predicts Lower Prices on Glut

 

By Jasmine Ng

(Bloomberg) — Iron ore will most likely lengthen losses subsequent yr as world provides improve and metal manufacturing in China shrinks additional, in response to the Australian authorities, which predicts costs will recuperate from 2017.

The uncooked materials will common $51.20 a metric ton subsequent yr in contrast with a June estimate of $52.10, the Department of Industry & Science stated in a quarterly outlook Wednesday. Iron ore will common $52.90 a ton this yr from $54.40 forecast in June, the division stated. Prices will recuperate to $60.40 in 2017 and rise yearly by means of 2020 to $75.30 , it stated.

Iron ore, the nation’s greatest export earner, misplaced 21 % this yr as BHP Billiton Ltd. and Rio Tinto Group invested billions of {dollars} to spice up manufacturing, betting on sustained demand development from China at the same time as financial growth on the earth’s greatest purchaser slowed. New provide from Gina Rinehart’s Roy Hill mine will contribute to a stoop beneath $40 subsequent yr, in response to Citigroup Inc., which stated decrease metal output in China would additionally harm the uncooked materials.

“China’s steel production is forecast to contract further in 2016 while an additional 42 million tons of iron ore is forecast to be delivered to the seaborne market,” the division wrote. “A net increase in the supply of iron ore is expected to keep downward pressure on prices in the seaborne market in the short term.”

Price projections by the division refer to identify ore with 62 % content material free-on-board Australia. The commodity delivered to Qingdao in China fell 1.4 % to $56.05 a dry ton on Tuesday, in response to Metal Bulletin Ltd. It sank to $44.59 on July 8, a file low for each day worth information courting again to May 2009.

Iron ore will advance in 2017 as demand development accelerates and the rise in provide slows, in response to the division. Projected development in world metal output will increase consumption of iron ore, whereas business consolidation is projected to take away among the extra provide capability, the division stated.

©2015 Bloomberg News

World’s Biggest Iron Ore Exporter Predicts Lower Prices on Glut

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